Cover Page
Cover Page - shares | 9 Months Ended | |
Nov. 24, 2023 | Dec. 15, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 24, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-13873 | |
Entity Registrant Name | STEELCASE INC | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-0819050 | |
Entity Address, Address Line One | 901 44th Street SE | |
Entity Address, City or Town | Grand Rapids, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49508 | |
City Area Code | 616 | |
Local Phone Number | 247-2710 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | SCS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Entity Central Index Key | 0001050825 | |
Current Fiscal Year End Date | --02-23 | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 93,867,310 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 20,354,413 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | |
Revenue | $ 777.9 | $ 826.9 | $ 2,384.4 | $ 2,430.9 |
Cost of sales | 525.5 | 587.7 | 1,611.2 | 1,748.4 |
Gross profit | 252.3 | 237.8 | 770.3 | 680.2 |
Operating expenses | 206.5 | 208.1 | 663 | 630.4 |
Operating income | 43.8 | 20.5 | 92.1 | 36.8 |
Interest expense | (6.4) | (7.6) | (19.6) | (21.2) |
Investment income | 2.3 | 0.3 | 3.6 | 0.7 |
Other income, net | 0.9 | 3.4 | 4.4 | 10.9 |
Income before income tax expense | 40.6 | 16.6 | 80.5 | 27.2 |
Income tax expense | 9.8 | 5.2 | 20.7 | 7.6 |
Net income | $ 30.8 | $ 11.4 | $ 59.8 | $ 19.6 |
Earnings per share | ||||
Basic | $ 0.26 | $ 0.10 | $ 0.50 | $ 0.17 |
Diluted | 0.26 | 0.10 | 0.50 | 0.17 |
Dividends declared and paid per common share | $ 0.100 | $ 0.100 | $ 0.300 | $ 0.390 |
Cost of Sales | ||||
Cost of Sales - Restructuring costs | $ 0.1 | $ 1.4 | $ 2.9 | $ 2.3 |
Operating Expense | ||||
Operating Expenses - Restructuring costs | $ 2 | $ 9.2 | $ 15.2 | $ 13 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | |
Net income | $ 30.8 | $ 11.4 | $ 59.8 | $ 19.6 |
Unrealized gain (loss) on investment | 0.4 | (0.1) | 0.4 | (0.1) |
Pension and other post-retirement liability adjustments | (0.2) | (0.4) | (1.5) | (0.2) |
Derivative amortization | 0.2 | 0.2 | 0.7 | 0.7 |
Foreign currency translation adjustments | 0.7 | 8.8 | 8.1 | (31.1) |
Total other comprehensive income (loss), net | 1.1 | 8.5 | 7.7 | (30.7) |
Comprehensive income (loss) | $ 31.9 | $ 19.9 | $ 67.5 | $ (11.1) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Nov. 24, 2023 | Feb. 24, 2023 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 262 | $ 90.4 |
Accounts Receivable, after Allowance for Credit Loss, Current | 354.5 | 373.3 |
Inventories | 259.8 | 319.7 |
Prepaid expenses | 31 | 28.9 |
Assets held for sale | 19.3 | 29 |
Other Assets, Current | 42.2 | 42.7 |
Assets, Current, Total | 968.8 | 884 |
Property, Plant and Equipment, Net | 362.2 | 376.5 |
Company-owned life insurance ("COLI") | 162.6 | 157.3 |
Deferred income taxes | 117.6 | 117.3 |
Goodwill | 274.9 | 276.8 |
Intangible Assets, Net (Excluding Goodwill) | 98.8 | 111.2 |
Investments in unconsolidated affiliates | 52.6 | 51.1 |
Operating Lease, Right-of-Use Asset | 171.7 | 198.3 |
Other Assets, Noncurrent | 37.7 | 30.3 |
Assets, Total | 2,246.9 | 2,202.8 |
Liabilities, Current [Abstract] | ||
Accounts payable | 231.6 | 203.5 |
Short-term borrowings and current portion of long-term debt | 0 | 35.7 |
Current operating lease obligations | 45 | 44.7 |
Accrued expenses: | ||
Employee compensation | 150.1 | 120 |
Employee benefit plan obligations | 35.1 | 31.2 |
Accrued promotions | 20.2 | 26.7 |
Customer deposits | 54 | 50.8 |
Other Accrued Liabilities, Current | 94.6 | 90.7 |
Liabilities, Current, Total | 630.6 | 603.3 |
Long-term liabilities: | ||
Long-Term Debt, Excluding Current Maturities | 446.1 | 445.5 |
Employee benefit plan obligations | 100.4 | 103 |
Long-term operating lease obligations | 142.1 | 169.9 |
Other Liabilities, Noncurrent | 51.8 | 54.9 |
Total long-term liabilities | 740.4 | 773.3 |
Liabilities, Total | 1,371 | 1,376.6 |
Shareholders' equity: | ||
Additional Paid in Capital | 37.3 | 19.4 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (64.8) | (72.5) |
Retained earnings | 903.4 | 879.3 |
Total shareholders’ equity | 875.9 | 826.2 |
Liabilities and Equity, Total | $ 2,246.9 | $ 2,202.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Nov. 24, 2023 | Feb. 24, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 6.3 | $ 6.5 |
Property, plant and equipment, accumulated depreciation | 1,116.8 | 1,088.6 |
Other intangible assets, accumulated amortization | $ 110.6 | $ 97.6 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Additional Paid-in Capital | ||
Common shares outstanding, beginning of period at Feb. 25, 2022 | 112,109,294 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | 68,428 | |||
Common stock repurchases | (343,485) | |||
Performance and restricted stock units issued as common stock | 1,102,564 | |||
Common shares outstanding, end of period at Nov. 25, 2022 | 112,936,801 | |||
Additional paid-in capital, beginning of period at Feb. 25, 2022 | [1] | $ 1.5 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | [1] | 0.8 | ||
Common stock repurchases | [1] | 3.9 | ||
Performance and restricted stock units expense | [1] | 17.2 | ||
Additional paid-in capital, end of period at Nov. 25, 2022 | [1] | 15.6 | ||
Accumulated other comprehensive income (loss), beginning of period at Feb. 25, 2022 | $ (50.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | (30.7) | |||
Accumulated other comprehensive income (loss), end of period at Nov. 25, 2022 | (81.3) | |||
Retained earnings, beginning of period at Feb. 25, 2022 | 901.3 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 19.6 | |||
Dividends paid | (45.6) | |||
Retained earnings, end of period at Nov. 25, 2022 | $ 875.3 | |||
Common shares outstanding, beginning of period at Aug. 26, 2022 | 112,762,002 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | 26,047 | |||
Common stock repurchases | (64,184) | |||
Performance and restricted stock units issued as common stock | 212,936 | |||
Common shares outstanding, end of period at Nov. 25, 2022 | 112,936,801 | |||
Additional paid-in capital, beginning of period at Aug. 26, 2022 | [1] | 13.7 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | [1] | 0.3 | ||
Common stock repurchases | [1] | 0.5 | ||
Performance and restricted stock units expense | [1] | 2.1 | ||
Additional paid-in capital, end of period at Nov. 25, 2022 | [1] | 15.6 | ||
Accumulated other comprehensive income (loss), beginning of period at Aug. 26, 2022 | $ (89.8) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | 8.5 | |||
Accumulated other comprehensive income (loss), end of period at Nov. 25, 2022 | (81.3) | |||
Retained earnings, beginning of period at Aug. 26, 2022 | 875.5 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 11.4 | |||
Dividends paid | (11.6) | |||
Retained earnings, end of period at Nov. 25, 2022 | 875.3 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | 809.6 | |||
Stockholders' Equity Attributable to Parent | $ 826.2 | |||
Common shares outstanding, beginning of period at Feb. 24, 2023 | 112,988,721 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | 108,724 | |||
Common stock repurchases | (512,707) | |||
Performance and restricted stock units issued as common stock | 1,614,696 | |||
Common shares outstanding, end of period at Nov. 24, 2023 | 114,199,434 | |||
Additional paid-in capital, beginning of period at Feb. 24, 2023 | $ 19.4 | 19.4 | [1] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | [1] | 0.8 | ||
Common stock repurchases | [1] | 4.2 | ||
Performance and restricted stock units expense | [1] | 21.3 | ||
Additional paid-in capital, end of period at Nov. 24, 2023 | 37.3 | 37.3 | [1] | |
Accumulated other comprehensive income (loss), beginning of period at Feb. 24, 2023 | (72.5) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | 7.7 | |||
Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023 | (64.8) | |||
Retained earnings, beginning of period at Feb. 24, 2023 | 879.3 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 59.8 | |||
Dividends paid | (35.7) | |||
Retained earnings, end of period at Nov. 24, 2023 | $ 903.4 | |||
Common shares outstanding, beginning of period at Aug. 25, 2023 | 114,003,058 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | 32,943 | |||
Common stock repurchases | (82,717) | |||
Performance and restricted stock units issued as common stock | 246,150 | |||
Common shares outstanding, end of period at Nov. 24, 2023 | 114,199,434 | |||
Additional paid-in capital, beginning of period at Aug. 25, 2023 | [1] | 34.6 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issuances | [1] | 0.2 | ||
Common stock repurchases | [1] | 0.9 | ||
Performance and restricted stock units expense | [1] | 3.4 | ||
Additional paid-in capital, end of period at Nov. 24, 2023 | $ 37.3 | $ 37.3 | [1] | |
Accumulated other comprehensive income (loss), beginning of period at Aug. 25, 2023 | (65.9) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Other comprehensive income (loss) | 1.1 | |||
Accumulated other comprehensive income (loss), end of period at Nov. 24, 2023 | (64.8) | |||
Retained earnings, beginning of period at Aug. 25, 2023 | 884.4 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 30.8 | |||
Dividends paid | (11.8) | |||
Retained earnings, end of period at Nov. 24, 2023 | 903.4 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | $ 875.9 | |||
[1] Shares of our Class A and Class B common stock have no par value; thus, there are no balances for common stock. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Nov. 24, 2023 | Nov. 25, 2022 | ||
OPERATING ACTIVITIES | |||
Net income | $ 59.8 | $ 19.6 | |
Depreciation and amortization | 62.8 | 67.2 | |
Share-based compensation | 22.1 | 18 | |
Restructuring costs | 18.1 | 15.3 | |
Change in fair value of contingent consideration | (9.5) | 0 | |
Other Operating Activities, Cash Flow Statement | (12.4) | (4.3) | |
Changes in operating assets and liabilities net of acquisitions: | |||
Increase (Decrease) in Accounts Receivable | 5.8 | (68.1) | |
Increase (Decrease) in Inventories | 59.8 | (48.2) | |
Increase (Decrease) in Income Taxes Receivable | (4.6) | 25.4 | |
Increase (Decrease) in Other Operating Assets | 0.3 | (15.7) | |
Increase (Decrease) in Accounts Payable | 30.2 | 7.8 | |
Increase (Decrease) in Other Employee-Related Liabilities | 17.3 | 17 | |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (1.7) | (14) | |
Customer deposits received, net of revenue recognized during the period | 5.1 | (19.8) | |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | (1.8) | 1.2 | |
Net cash provided by operating activities | 251.3 | 1.4 | |
INVESTING ACTIVITIES | |||
Capital expenditures | (37.4) | (42.8) | |
Proceeds from disposal of fixed assets | 28.2 | 5.6 | |
Acquisition, net of cash acquired | 0 | (105.3) | |
Payments for (Proceeds from) Other Investing Activities | 4 | 15 | |
Net Cash Provided by (Used in) Investing Activities, Total | (5.2) | (127.5) | |
FINANCING ACTIVITIES | |||
Dividends paid | (35.7) | (45.6) | |
Borrowings on global committed bank facility | 69 | 480.9 | |
Repayments on global committed bank facility | (69) | (446.9) | |
Repayments on note payable | (32.2) | (2.1) | |
Proceeds from (Payments for) Other Financing Activities | (6.1) | (2.9) | |
Net Cash Provided by (Used in) Financing Activities, Total | (74) | (16.6) | |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | (2.6) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 171.9 | (145.3) | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance | [1] | 97.2 | 207 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | [2] | 269.1 | 61.7 |
Restricted Cash | $ 7.1 | $ 6.7 | |
[1] These amounts include restricted cash of $6.8 and $6.1 as of February 24, 2023 and February 25, 2022, respectively. These amounts include restricted cash of $7.1 and $6.7 as of November 24, 2023 and November 25, 2022, respectively. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Nov. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2023 was derived from the audited Consolidated Balance Sheet included in our Form 10-K. As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Nov. 24, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. Adoption of New Accounting Standards Effective Q1 2024, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) , which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. We participate in a supplier finance program in Spain offered by a third-party financial institution. The program allows participating suppliers the ability to finance our payment obligations prior to their scheduled due dates at a discounted price set by the financial institution. We have extended payment terms with suppliers that have voluntarily chosen to participate in the program. As of November 24, 2023, the outstanding amount of program obligations, reported in Accounts payable on the Condensed Consolidated Balance Sheets, was $0.7. The amount settled through the program during the nine months ended November 24, 2023 was $6.5. |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Nov. 24, 2023 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: Product Category Data Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Americas Desking, benching, systems and storage $ 262.6 $ 263.7 $ 799.5 $ 827.4 Seating 152.5 174.1 492.5 533.6 Other (1) 171.0 182.0 546.2 479.6 International Desking, benching, systems and storage 70.0 69.4 194.2 200.3 Seating 67.3 76.3 190.7 215.0 Other (1) 54.5 61.4 161.3 175.0 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 _______________________________________ (1) The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, United States $ 541.5 $ 576.0 $ 1,715.5 $ 1,712.3 Foreign locations 236.4 250.9 668.9 718.6 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 Contract Balances At times, we receive payments from customers before revenue is recognized, resulting in the recognition of a contract liability ( Customer deposits ) presented on the Condensed Consolidated Balance Sheets. Changes in the Customer deposits balance for the nine months ended November 24, 2023 are as follows: Customer Deposits Balance as of February 24, 2023 $ 50.8 Recognition of revenue related to beginning of year customer deposits (46.5) Customer deposits received, net of revenue recognized during the period 51.7 Other (1) (2.0) Balance as of November 24, 2023 $ 54.0 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Nov. 24, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Earnings per share is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock units in which the participants have non-forfeitable rights to dividend equivalents during the performance period. Diluted earnings per share includes the effects of certain performance units in which the participants have forfeitable rights to dividend equivalents during the performance period. Computation of Three Months Ended November 24, 2023 Three Months Ended November 25, 2022 Net Income Basic Shares Diluted Shares Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 30.8 118.9 119.4 $ 11.4 117.2 117.6 Impact of participating securities (1.2) (4.7) (4.7) (0.4) (4.4) (4.4) Amounts used in calculating earnings per share, excluding participating securities $ 29.6 114.2 114.7 $ 11.0 112.8 113.2 Earnings per share $ 0.26 $ 0.26 $ 0.10 $ 0.10 Computation of Nine Months Ended November 24, 2023 Nine Months Ended November 25, 2022 Net Income Basic Shares Diluted Shares Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 59.8 118.5 119.0 $ 19.6 117.1 117.4 Impact of participating securities (2.3) (4.5) (4.5) (0.7) (4.3) (4.3) Amounts used in calculating earnings per share, excluding participating securities $ 57.5 114.0 114.5 $ 18.9 112.8 113.1 Earnings per share $ 0.50 $ 0.50 $ 0.17 $ 0.17 There were no anti-dilutive performance units excluded from the computation of diluted earnings per share for the three and nine months ended November 24, 2023 and November 25, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Nov. 24, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 24, 2023: Unrealized gain (loss) on investment Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of August 25, 2023 $ (0.1) $ 8.0 $ (5.2) $ (68.6) $ (65.9) Other comprehensive income (loss) before reclassifications 0.4 0.2 — 0.7 1.3 Amounts reclassified from accumulated other comprehensive income (loss) — (0.4) 0.2 — (0.2) Net other comprehensive income (loss) during the period 0.4 (0.2) 0.2 0.7 1.1 Balance as of November 24, 2023 $ 0.3 $ 7.8 $ (5.0) $ (67.9) $ (64.8) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 24, 2023: Unrealized gain (loss) on investment Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 24, 2023 $ (0.1) $ 9.3 $ (5.7) $ (76.0) $ (72.5) Other comprehensive income (loss) before reclassifications 0.4 (0.2) — 8.1 8.3 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3) 0.7 — (0.6) Net other comprehensive income (loss) during the period 0.4 (1.5) 0.7 8.1 7.7 Balance as of November 24, 2023 $ 0.3 $ 7.8 $ (5.0) $ (67.9) $ (64.8) The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Amortization of pension and other post-retirement actuarial gains $ (0.5) $ (0.4) $ (1.7) $ (1.2) Other income, net Income tax expense 0.1 0.1 0.4 0.3 Income tax expense (0.4) (0.3) (1.3) (0.9) Derivative amortization 0.2 0.3 0.9 1.0 Interest expense Income tax benefit — (0.1) (0.2) (0.3) Income tax expense 0.2 0.2 0.7 0.7 Total reclassifications $ (0.2) $ (0.1) $ (0.6) $ (0.2) |
Fair Value
Fair Value | 9 Months Ended |
Nov. 24, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE The carrying amounts for many of our financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable, short-term borrowings and certain other liabilities, approximate their fair value due to their relatively short maturities. Our foreign exchange forward contracts, long-term investments and contingent consideration are measured at fair value on the Condensed Consolidated Balance Sheets. Our total debt is carried at cost and was $446.1 and $481.2 as of November 24, 2023 and February 24, 2023, respectively. The fair value of our total debt is measured using a discounted cash flow analysis based on current market interest rates for similar types of instruments and was $405.4 and $405.9 as of November 24, 2023 and February 24, 2023, respectively. The estimation of the fair value of our total debt is based on Level 2 fair value measurements. We may use derivative financial instruments to manage exposures to movements in foreign exchange rates and interest rates. The use of these financial instruments modifies the exposure of these risks with the intention to reduce our risk of volatility. We do not use derivatives for speculative or trading purposes. In connection with the acquisition of Viccarbe Habitat, S.L in Q3 2022, up to an additional $14.2 (or €13.0) is payable to the sellers based upon the achievement of certain revenue and operating income targets over a three-year period ending in 2025. This amount was considered to be contingent consideration and was treated for accounting purposes as part of the total purchase price of the acquisition. We used the Monte Carlo simulation model to calculate the fair value of the contingent consideration as of the acquisition date, which represents a Level 3 measurement. At each subsequent reporting date, changes in the fair value of the liability are recorded to Operating expenses until the liability is settled. In Q3 2024, we recorded a $9.5 decrease to the fair value of the contingent consideration based upon updated projections for the Viccarbe business over the earnout period. Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 24, 2023 and February 24, 2023 are summarized below: November 24, 2023 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 262.0 $ — $ — $ 262.0 Restricted cash 7.1 — — 7.1 Foreign exchange forward contracts — 2.1 — 2.1 Auction rate security — — 2.7 2.7 $ 269.1 $ 2.1 $ 2.7 $ 273.9 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — — — $ — $ (0.3) $ — $ (0.3) February 24, 2023 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 90.4 $ — $ — $ 90.4 Restricted cash 6.8 — — 6.8 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.1 2.1 $ 97.2 $ 2.3 $ 2.1 $ 101.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (9.5) (9.5) $ — $ (0.3) $ (9.5) $ (9.8) Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the nine months ended November 24, 2023: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Security - Other Assets Contingent Consideration - Other Long-Term Liabilities Balance as of February 24, 2023 $ 2.1 $ 9.5 Unrealized gain (loss) on investment 0.6 — Foreign currency (gain) loss — — Change in estimated fair value — (9.5) Balance as of November 24, 2023 $ 2.7 $ — |
Inventories
Inventories | 9 Months Ended |
Nov. 24, 2023 | |
Inventories [Abstract] | |
Inventories | INVENTORIES Inventories November 24, February 24, Raw materials and work-in-process $ 176.6 $ 232.8 Finished goods 113.5 118.1 290.1 350.9 Revaluation to LIFO 30.3 31.2 $ 259.8 $ 319.7 The portion of inventories determined by the LIFO method aggregated to $122.3 and $134.1 as of November 24, 2023 and February 24, 2023, respectively. |
Debt
Debt | 9 Months Ended |
Nov. 24, 2023 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | SHORT-TERM BORROWINGS We have a $250.0 global committed bank facility, which expires in 2025. At our option, and subject to certain conditions, we may increase the aggregate commitment under the facility by up to $125.0 by obtaining at least one commitment from one or more lenders. In Q1 2024, the credit facility was amended. As amended, interest on borrowings under the facility is based on the rate selected by us from the following options (with all capitalized terms having the meanings provided in the credit agreement, as amended): • the Applicable Floating Rate Margin in effect plus the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, (iii) the Term SOFR Reference Rate for a one-month interest period plus 1.10% or (iv) 0.75%; • the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Reference Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or • the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Nov. 24, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | . SHARE-BASED COMPENSATION Performance Units We have issued performance units (“PSUs”) to certain employees which are earned over a three-year performance period based on performance conditions established annually by the Compensation Committee within the first three months of the applicable fiscal year. The PSUs are then modified based on achievement of certain total shareholder return results relative to a comparison group of companies, which is a market condition. When the performance conditions for a fiscal year are established, or if the performance conditions involve a qualitative assessment and such assessment has been made, one-third of the PSUs issued are considered granted. Therefore, each of the three fiscal years within the performance period is considered an individual tranche of the award (referred to as "Tranche 1," "Tranche 2" and "Tranche 3," respectively). As of November 24, 2023, the following PSUs have been issued and remained outstanding: • 767,600 PSUs to be earned over the period of 2024 through 2026 (the "2024 PSUs"), • 428,700 PSUs to be earned over the period of 2023 through 2025 (the "2023 PSUs") and • 448,300 PSUs to be earned over the period of 2022 through 2024 (the "2022 PSUs"). Once granted, the PSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the remaining performance period. For participants who are or become retirement-eligible during the performance period, the PSUs are expensed over the period ending on the date the participant becomes retirement-eligible. The awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. As of November 24, 2023, the 2024 PSUs, 2023 PSUs and 2022 PSUs were considered granted as follows: • In Q1 2024, the performance conditions were established for Tranche 1 of the 2024 PSUs, Tranche 2 of the 2023 PSUs and Tranche 3 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2024. • In Q1 2023, the performance conditions were established for Tranche 1 of the 2023 PSUs and Tranche 2 of the 2022 PSUs, and accordingly, such tranches were considered granted in Q1 2023. • In Q1 2022, the performance conditions were established for Tranche 1 of the 2022 PSUs, and accordingly, such tranche was considered granted in Q1 2022. We used the Monte Carlo simulation model to calculate the fair value of the market conditions on the respective grant dates, which resulted in a total fair value of $4.5, $3.5 and $2.3 for the PSUs with market conditions granted in 2024, 2023 and 2022, respectively, that remained outstanding as of November 24, 2023. The Monte Carlo simulation was computed using the following assumptions: 2024 PSUs 2023 PSUs 2022 PSUs Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 3.7 % 4.0 % 2.6 % 4.7 % 2.3 % 0.3 % Expected term 3 years 2 years 3 years 1 year 2 years 3 years Estimated volatility (2) 44.1 % 37.8 % 52.2 % 45.5 % 43.8 % 53.5 % _______________________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) Represents the historical price volatility of our Class A Common Stock for the period prior to the grant date which is equivalent to the expected term of the tranche. The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended Performance Units November 24, November 25, November 24, November 25, Expense (credit) $ 0.1 $ (1.3) $ 6.3 $ 2.6 Tax benefit (expense) — (0.3) 1.5 0.7 The PSU activity for the nine months ended November 24, 2023 is as follows: Maximum Number of Shares of Nonvested Units Total Weighted-Average Nonvested as of February 24, 2023 1,060,231 $ 13.11 Granted 1,315,664 8.30 Nonvested as of November 24, 2023 2,375,895 $ 10.44 As of November 24, 2023, there was $2.6 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. Restricted Stock Units During the nine months ended November 24, 2023, we awarded 1,767,505 restricted stock units ("RSUs") to certain employees. RSUs have restrictions on transfer which lapse up to three years after the date of grant, at which time the RSUs are issued as unrestricted shares of Class A Common Stock. RSUs are expensed and recorded in Additional paid-in capital on the Condensed Consolidated Balance Sheets over the requisite service period based on the value of the shares on the grant date. For participants who are or become retirement-eligible during the service period for awards that are considered retirement-eligible, the RSUs are expensed over the period ending on the date that the participant becomes retirement-eligible. Typically, these awards will be forfeited if a participant leaves the company for reasons other than retirement, disability or death or if the participant engages in any competition with us, as defined in the Incentive Compensation Plan. The total RSU expense and associated tax benefit for the nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended Restricted Stock Units November 24, November 25, November 24, November 25, Expense $ 3.3 $ 3.4 $ 15.0 $ 14.6 Tax benefit 0.8 0.9 3.7 3.7 The RSU activity for the nine months ended November 24, 2023 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 24, 2023 3,293,268 $ 12.11 Granted 1,767,505 8.31 Vested (269,934) 11.65 Forfeited (65,580) 10.48 Nonvested as of November 24, 2023 4,725,259 $ 10.74 As of November 24, 2023, there was $12.3 of remaining unrecognized compensation expense related to nonvested RSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 9 Months Ended |
Nov. 24, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours operated) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion. The components of lease expense during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Operating lease cost $ 13.7 $ 13.2 $ 40.9 $ 38.8 Sublease rental income (0.5) (0.6) (1.5) (1.7) $ 13.2 $ 12.6 $ 39.4 $ 37.1 Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows: Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Cash flow information: Operating cash flows used for operating leases $ 14.4 $ 13.3 $ 42.1 $ 40.4 Leased assets obtained in exchange for new operating lease obligations 4.5 11.7 12.1 25.2 As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively. The following table summarizes the future minimum lease payments as of November 24, 2023: Fiscal year ending in February Amount (1) 2024 $ 12.0 2025 52.4 2026 42.5 2027 34.3 2028 26.1 Thereafter 41.9 Total lease payments 209.2 Less: Interest 22.1 Present value of lease liabilities $ 187.1 _______________________________________ (1) Lease payments include |
Business Combinations
Business Combinations | 9 Months Ended |
Nov. 24, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITION HALCON In Q2 2023, we acquired Halcon Furniture LLC ("HALCON"), a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. The transaction included the purchase of all the outstanding membership interests of HALCON for $127.5 less customer deposits of $24.3, plus an adjustment of $1.9 for working capital. The acquisition was funded using a combination of cash on-hand and borrowings under our global committed bank facility. An additional $2.0 is payable to a seller based upon continued employment over a three-year period, which is being expensed over the service period on a straight-line basis. Tangible assets and liabilities of HALCON were valued as of the acquisition date using a market analysis, and intangible assets were valued using a discounted cash flow analysis, which represents a Level 3 measurement. On the acquisition date, we recorded $51.8 related to identifiable intangible assets, $36.6 related to goodwill and $16.7 related to tangible assets. The tangible assets mainly consisted of property, plant and equipment of $30.6, working capital (primarily inventory of $12.8) and customer deposits of $24.3. The goodwill was recorded in the Americas segment and is deductible for U.S. income tax purposes. The goodwill resulting from the acquisition is primarily related to the growth potential of HALCON expected to be driven by new product development, geographic expansion and the integration of HALCON products into our dealer network. Intangible assets are principally related to dealer relationships, the HALCON trade name and internally developed know-how and designs, which are being amortized over periods ranging from 9 to 10 years from the date of acquisition. We also acquired a backlog of orders which shipped throughout 2023. The purchase accounting for the HALCON acquisition was completed during the current year. The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Dealer relationships 10.0 $ 21.5 Trademark 9.0 14.0 Know-how and designs 9.0 12.0 Backlog 0.7 4.3 $ 51.8 The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of November 24, 2023: Fiscal Year Ending in February Amount 2024 $ 1.3 2025 5.1 2026 5.0 2027 5.0 2028 5.0 $ 21.4 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Nov. 24, 2023 | |
Reportable Segments [Abstract] | |
Reportable Segments | REPORTABLE SEGMENTS As of the end of Q1 2024, we realigned our reportable segments for financial reporting purposes as a result of changes in how we monitor business performance and allocate resources to support our top strategic priorities. During Q1 2024, we simplified our internal reporting to summarize the results of all brands by geography including utilization of previously unallocated Corporate expenses. This change is parallel to the organizational structure that is used by our Chief Executive Officer in the capacity as chief operating decision maker ("CODM") for making operating and investment decisions and assessing business performance. The operating segments regularly reviewed by the CODM are (1) the Americas, (2) Europe, the Middle East and Africa ("EMEA") and (3) Asia Pacific. Asia Pacific serves customers in Australia, China, India, Japan, Korea and other countries in Southeast Asia. We primarily review and evaluate revenue, gross profit and operating income (loss) by these segments in our internal review processes and reporting. We also allocate resources among these segments primarily based on revenue, gross profit and operating income (loss). Total assets by segment include manufacturing and other assets associated with each segment. For purposes of segment reporting externally, we have aggregated the EMEA and Asia Pacific operating segments as an International segment based upon their similarity in certain quantitative and qualitative characteristics as defined in the Accounting Standards Codification ("ASC") 280, Segment Reporting. We evaluated the economic similarity of these operating segments including patterns and trends for revenue, gross profit and operating income (loss) in addition to the similarity in the nature of products and services, types of customers, and production and distribution processes in these regions. We concluded that these operating segments met the criteria for aggregation consistent with the basic principles and objectives of segment reporting described in ASC 280. The change in our reportable segments did not result in a change to our reporting units for purposes of goodwill impairment testing. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands. The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands. As required by ASC 280 , all presented segment data reflects the reclassification of previously reported segment data. Revenue, gross profit and operating income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022 and total assets and goodwill as of November 24, 2023 and February 24, 2023 by segment are presented in the following tables which reflect the realigned segments: Three Months Ended Nine Months Ended Reportable Segment Statement of Income Data November 24, November 25, November 24, November 25, Revenue Americas $ 586.1 $ 619.8 $ 1,838.2 $ 1,840.6 International 191.8 207.1 546.2 590.3 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 Gross Profit Americas $ 192.8 $ 181.2 $ 612.3 $ 526.2 International 59.5 56.6 158.0 154.0 $ 252.3 $ 237.8 $ 770.3 $ 680.2 Operating Income (Loss) Americas $ 37.2 $ 17.3 $ 117.0 $ 44.2 International 6.6 3.2 (24.9) (7.4) $ 43.8 $ 20.5 $ 92.1 $ 36.8 Reportable Segment Balance Sheet Data November 24, February 24, Total assets Americas $ 1,663.1 $ 1,631.2 International 583.8 571.6 $ 2,246.9 $ 2,202.8 Goodwill Americas $ 266.2 $ 268.3 International 8.7 8.5 $ 274.9 $ 276.8 |
Restructuring and Related Activ
Restructuring and Related Activities | 9 Months Ended |
Nov. 24, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | RESTRUCTURING ACTIVITIES In Q4 2023, we implemented a series of restructuring actions, primarily related to the wind down of our customer aviation function in connection with our strategy to reinvent our go-to-market model and create new customer experiences. The restructuring actions included terminations of approximately 25 salaried employees in the Americas segment. We expect to incur approximately $4.5 of restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred $0.1, $0.1, and $0.7 of restructuring costs in the Americas segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $3.6 of workforce reductions and other separation-related benefits in the Americas segment for these actions in Q4 2023. We expect these actions to be completed by the end of 2024. In Q1 2024, we announced a series of restructuring actions in response to continued decline in order volume, persisting inflationary pressures, and decreasing plant utilization. These actions involve the involuntary terminations of approximately 40 to 50 salaried roles in EMEA, the elimination of approximately 240 positions in Asia Pacific, and the involuntary terminations of approximately 30 employees in the Americas in connection with the closing of our regional distribution center in Atlanta, Georgia. We expect to incur restructuring costs of approximately $16 to $18 in the International segment and approximately $1 in the Americas segment related to these actions, consisting of cash severance payments and other separation-related benefits. We incurred restructuring costs of $1.5, $7.8, and $6.8 in the International segment for these actions in Q3 2024, Q2 2024, and Q1 2024, respectively. We also incurred $0.6 in the Americas segment for these actions during Q1 2024. We expect these actions to be substantially completed by the end of 2024. The following table details the changes in the restructuring reserve balance for the nine months ended November 24, 2023: Workforce Reductions Balance as of February 24, 2023 $ 4.0 Restructuring costs 17.8 Payments (7.3) Balance as of November 24, 2023 $ 14.5 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following table provides information about disaggregated revenue by product category for each of our reportable segments: Product Category Data Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Americas Desking, benching, systems and storage $ 262.6 $ 263.7 $ 799.5 $ 827.4 Seating 152.5 174.1 492.5 533.6 Other (1) 171.0 182.0 546.2 479.6 International Desking, benching, systems and storage 70.0 69.4 194.2 200.3 Seating 67.3 76.3 190.7 215.0 Other (1) 54.5 61.4 161.3 175.0 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 _______________________________________ (1) The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories. Reportable geographic information is as follows: Reportable Geographic Revenue Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, United States $ 541.5 $ 576.0 $ 1,715.5 $ 1,712.3 Foreign locations 236.4 250.9 668.9 718.6 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 |
Contract with Customer, changes in customer deposits | Changes in the Customer deposits balance for the nine months ended November 24, 2023 are as follows: Customer Deposits Balance as of February 24, 2023 $ 50.8 Recognition of revenue related to beginning of year customer deposits (46.5) Customer deposits received, net of revenue recognized during the period 51.7 Other (1) (2.0) Balance as of November 24, 2023 $ 54.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended | 9 Months Ended |
Nov. 24, 2023 | Nov. 24, 2023 | |
Earnings Per Share [Abstract] | ||
Computation of Basic and Diluted Earnings Per Share | Computation of Three Months Ended November 24, 2023 Three Months Ended November 25, 2022 Net Income Basic Shares Diluted Shares Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 30.8 118.9 119.4 $ 11.4 117.2 117.6 Impact of participating securities (1.2) (4.7) (4.7) (0.4) (4.4) (4.4) Amounts used in calculating earnings per share, excluding participating securities $ 29.6 114.2 114.7 $ 11.0 112.8 113.2 Earnings per share $ 0.26 $ 0.26 $ 0.10 $ 0.10 | Computation of Nine Months Ended November 24, 2023 Nine Months Ended November 25, 2022 Net Income Basic Shares Diluted Shares Net Income Basic Shares Diluted Shares Amounts used in calculating earnings per share $ 59.8 118.5 119.0 $ 19.6 117.1 117.4 Impact of participating securities (2.3) (4.5) (4.5) (0.7) (4.3) (4.3) Amounts used in calculating earnings per share, excluding participating securities $ 57.5 114.0 114.5 $ 18.9 112.8 113.1 Earnings per share $ 0.50 $ 0.50 $ 0.17 $ 0.17 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | 9 Months Ended |
Nov. 24, 2023 | Nov. 24, 2023 | |
Equity [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the three months ended November 24, 2023: Unrealized gain (loss) on investment Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of August 25, 2023 $ (0.1) $ 8.0 $ (5.2) $ (68.6) $ (65.9) Other comprehensive income (loss) before reclassifications 0.4 0.2 — 0.7 1.3 Amounts reclassified from accumulated other comprehensive income (loss) — (0.4) 0.2 — (0.2) Net other comprehensive income (loss) during the period 0.4 (0.2) 0.2 0.7 1.1 Balance as of November 24, 2023 $ 0.3 $ 7.8 $ (5.0) $ (67.9) $ (64.8) The following table summarizes the changes in accumulated balances of other comprehensive income (loss) for the nine months ended November 24, 2023: Unrealized gain (loss) on investment Pension and other post-retirement liability adjustments Derivative amortization Foreign currency translation adjustments Total Balance as of February 24, 2023 $ (0.1) $ 9.3 $ (5.7) $ (76.0) $ (72.5) Other comprehensive income (loss) before reclassifications 0.4 (0.2) — 8.1 8.3 Amounts reclassified from accumulated other comprehensive income (loss) — (1.3) 0.7 — (0.6) Net other comprehensive income (loss) during the period 0.4 (1.5) 0.7 8.1 7.7 Balance as of November 24, 2023 $ 0.3 $ 7.8 $ (5.0) $ (67.9) $ (64.8) | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides details about reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022: Detail of Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line in the Condensed Consolidated Statements of Income Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Amortization of pension and other post-retirement actuarial gains $ (0.5) $ (0.4) $ (1.7) $ (1.2) Other income, net Income tax expense 0.1 0.1 0.4 0.3 Income tax expense (0.4) (0.3) (1.3) (0.9) Derivative amortization 0.2 0.3 0.9 1.0 Interest expense Income tax benefit — (0.1) (0.2) (0.3) Income tax expense 0.2 0.2 0.7 0.7 Total reclassifications $ (0.2) $ (0.1) $ (0.6) $ (0.2) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value within our Condensed Consolidated Balance Sheets as of November 24, 2023 and February 24, 2023 are summarized below: November 24, 2023 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 262.0 $ — $ — $ 262.0 Restricted cash 7.1 — — 7.1 Foreign exchange forward contracts — 2.1 — 2.1 Auction rate security — — 2.7 2.7 $ 269.1 $ 2.1 $ 2.7 $ 273.9 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — — — $ — $ (0.3) $ — $ (0.3) February 24, 2023 Fair Value of Financial Instruments Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 90.4 $ — $ — $ 90.4 Restricted cash 6.8 — — 6.8 Foreign exchange forward contracts — 2.3 — 2.3 Auction rate security — — 2.1 2.1 $ 97.2 $ 2.3 $ 2.1 $ 101.6 Liabilities: Foreign exchange forward contracts $ — $ (0.3) $ — $ (0.3) Contingent consideration — — (9.5) (9.5) $ — $ (0.3) $ (9.5) $ (9.8) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Below is a roll-forward of assets and liabilities measured at estimated fair value using Level 3 inputs during the nine months ended November 24, 2023: Roll-forward of Fair Value Using Level 3 Inputs Auction Rate Security - Other Assets Contingent Consideration - Other Long-Term Liabilities Balance as of February 24, 2023 $ 2.1 $ 9.5 Unrealized gain (loss) on investment 0.6 — Foreign currency (gain) loss — — Change in estimated fair value — (9.5) Balance as of November 24, 2023 $ 2.7 $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Inventories [Abstract] | |
Schedule of Inventory | Inventories November 24, February 24, Raw materials and work-in-process $ 176.6 $ 232.8 Finished goods 113.5 118.1 290.1 350.9 Revaluation to LIFO 30.3 31.2 $ 259.8 $ 319.7 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Based Payment Award Performance Units Valuation Assumptions | The Monte Carlo simulation was computed using the following assumptions: 2024 PSUs 2023 PSUs 2022 PSUs Tranche 1 Tranche 2 Tranche 1 Tranche 3 Tranche 2 Tranche 1 Risk-free interest rate (1) 3.7 % 4.0 % 2.6 % 4.7 % 2.3 % 0.3 % Expected term 3 years 2 years 3 years 1 year 2 years 3 years Estimated volatility (2) 44.1 % 37.8 % 52.2 % 45.5 % 43.8 % 53.5 % _______________________________________ (1) Based on the U.S. Government bond benchmark on the grant date. (2) |
Schedule of Compensation Costs by Plan for Share-based Payment Arrangements | The total PSU expense (credit) and associated tax benefit (expense) recorded during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended Performance Units November 24, November 25, November 24, November 25, Expense (credit) $ 0.1 $ (1.3) $ 6.3 $ 2.6 Tax benefit (expense) — (0.3) 1.5 0.7 The total RSU expense and associated tax benefit for the nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended Restricted Stock Units November 24, November 25, November 24, November 25, Expense $ 3.3 $ 3.4 $ 15.0 $ 14.6 Tax benefit 0.8 0.9 3.7 3.7 |
Share-based Payment Arrangement, Performance Shares, Activity | The PSU activity for the nine months ended November 24, 2023 is as follows: Maximum Number of Shares of Nonvested Units Total Weighted-Average Nonvested as of February 24, 2023 1,060,231 $ 13.11 Granted 1,315,664 8.30 Nonvested as of November 24, 2023 2,375,895 $ 10.44 As of November 24, 2023, there was $2.6 of remaining unrecognized compensation expense related to nonvested PSUs, which is expected to be recognized over a remaining weighted-average period of 1.8 years. |
Schedule of Restricted Stock Unit Awards Activity | The RSU activity for the nine months ended November 24, 2023 is as follows: Nonvested Units Total Weighted-Average Nonvested as of February 24, 2023 3,293,268 $ 12.11 Granted 1,767,505 8.31 Vested (269,934) 11.65 Forfeited (65,580) 10.48 Nonvested as of November 24, 2023 4,725,259 $ 10.74 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows: Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Operating lease cost $ 13.7 $ 13.2 $ 40.9 $ 38.8 Sublease rental income (0.5) (0.6) (1.5) (1.7) $ 13.2 $ 12.6 $ 39.4 $ 37.1 |
Lessee, Lease, Supplemental cash flow and other information | Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows: Three Months Ended Nine Months Ended November 24, November 25, November 24, November 25, Cash flow information: Operating cash flows used for operating leases $ 14.4 $ 13.3 $ 42.1 $ 40.4 Leased assets obtained in exchange for new operating lease obligations 4.5 11.7 12.1 25.2 As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the future minimum lease payments as of November 24, 2023: Fiscal year ending in February Amount (1) 2024 $ 12.0 2025 52.4 2026 42.5 2027 34.3 2028 26.1 Thereafter 41.9 Total lease payments 209.2 Less: Interest 22.1 Present value of lease liabilities $ 187.1 _______________________________________ (1) Lease payments include |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Business Combinations [Abstract] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the purchased identified intangible assets and the respective fair value and useful life of each asset at the date of acquisition: Other Intangible Assets Useful Life Fair Value Dealer relationships 10.0 $ 21.5 Trademark 9.0 14.0 Know-how and designs 9.0 12.0 Backlog 0.7 4.3 $ 51.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The fair values of the purchased intangible assets are being amortized on a straight-line basis over their useful lives. The following table summarizes the estimated future amortization expense for the next five years as of November 24, 2023: Fiscal Year Ending in February Amount 2024 $ 1.3 2025 5.1 2026 5.0 2027 5.0 2028 5.0 $ 21.4 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information | Revenue, gross profit and operating income (loss) for the three and nine months ended November 24, 2023 and November 25, 2022 and total assets and goodwill as of November 24, 2023 and February 24, 2023 by segment are presented in the following tables which reflect the realigned segments: Three Months Ended Nine Months Ended Reportable Segment Statement of Income Data November 24, November 25, November 24, November 25, Revenue Americas $ 586.1 $ 619.8 $ 1,838.2 $ 1,840.6 International 191.8 207.1 546.2 590.3 $ 777.9 $ 826.9 $ 2,384.4 $ 2,430.9 Gross Profit Americas $ 192.8 $ 181.2 $ 612.3 $ 526.2 International 59.5 56.6 158.0 154.0 $ 252.3 $ 237.8 $ 770.3 $ 680.2 Operating Income (Loss) Americas $ 37.2 $ 17.3 $ 117.0 $ 44.2 International 6.6 3.2 (24.9) (7.4) $ 43.8 $ 20.5 $ 92.1 $ 36.8 Reportable Segment Balance Sheet Data November 24, February 24, Total assets Americas $ 1,663.1 $ 1,631.2 International 583.8 571.6 $ 2,246.9 $ 2,202.8 Goodwill Americas $ 266.2 $ 268.3 International 8.7 8.5 $ 274.9 $ 276.8 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 9 Months Ended |
Nov. 24, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table details the changes in the restructuring reserve balance for the nine months ended November 24, 2023: Workforce Reductions Balance as of February 24, 2023 $ 4.0 Restructuring costs 17.8 Payments (7.3) Balance as of November 24, 2023 $ 14.5 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) | 9 Months Ended |
Nov. 24, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Description | The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended February 24, 2023 (“Form 10-K”). The Condensed Consolidated Balance Sheet as of February 24, 2023 was derived from the audited Consolidated Balance Sheet included in our Form 10-K.As used in this Quarterly Report on Form 10-Q (“Report”), unless otherwise expressly stated or the context otherwise requires, all references to “Steelcase,” “we,” “our,” “Company” and similar references are to Steelcase Inc. and its subsidiaries in which a controlling interest is maintained. Unless the context otherwise indicates, reference to a year relates to the fiscal year, ended in February of the year indicated, rather than a calendar year. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated |
New Accounting Standards (Detai
New Accounting Standards (Details) $ in Millions | 9 Months Ended |
Nov. 24, 2023 USD ($) | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement or Change in Accounting Principle, Description | We evaluate all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") for consideration of their applicability to our consolidated financial statements. We have assessed all ASUs issued but not yet adopted and concluded that those not disclosed are either not applicable to us or are not expected to have a material effect on our consolidated financial statements. |
Supplier Finance Program | Effective Q1 2024, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) , which is intended to enhance transparency of supplier finance programs by requiring disclosure of key terms, amounts outstanding (including a rollforward of outstanding amounts) and a description of where such amounts are presented in the consolidated financial statements. We participate in a supplier finance program in Spain offered by a third-party financial institution. The program allows participating suppliers the ability to finance our payment obligations prior to their scheduled due dates at a discounted price set by the financial institution. We have extended payment terms with suppliers that have voluntarily chosen to participate in the program. As of November 24, 2023, the outstanding amount of program obligations, reported in Accounts payable |
Supplier Finance Program, Obligation | $ 0.7 |
Supplier Finance Program, Obligation, Settlement | $ 6.5 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | Feb. 24, 2023 | ||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | $ 777.9 | $ 826.9 | $ 2,384.4 | $ 2,430.9 | ||
Contract with Customer, changes in customer deposits [Line Items] | ||||||
Contract with Customer, Liability | 54 | 54 | $ 50.8 | |||
Customer deposits received, net of revenue recognized during the period | 5.1 | (19.8) | ||||
UNITED STATES | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 541.5 | 576 | 1,715.5 | 1,712.3 | ||
Non-US | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 236.4 | 250.9 | 668.9 | 718.6 | ||
Americas [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 586.1 | 619.8 | 1,838.2 | 1,840.6 | ||
Americas [Member] | Systems and storage [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 262.6 | 263.7 | 799.5 | 827.4 | ||
Americas [Member] | Seating [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 152.5 | 174.1 | 492.5 | 533.6 | ||
Americas [Member] | Other Product Category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | [1] | 171 | 182 | 546.2 | 479.6 | |
International | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 191.8 | 207.1 | 546.2 | 590.3 | ||
International | Systems and storage [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 70 | 69.4 | 194.2 | 200.3 | ||
International | Seating [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 67.3 | 76.3 | 190.7 | 215 | ||
International | Other Product Category [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | [1] | $ 54.5 | $ 61.4 | 161.3 | $ 175 | |
Deposits [Member] | ||||||
Contract with Customer, changes in customer deposits [Line Items] | ||||||
Recognition of revenue related to beginning of year customer deposits | (46.5) | |||||
Customer deposits received, net of revenue recognized during the period | 51.7 | |||||
Transferred at Point in Time | ||||||
Contract with Customer, changes in customer deposits [Line Items] | ||||||
Customer deposits received, net of revenue recognized during the period | [2] | $ (2) | ||||
[1]The other product category data by segment consists primarily of products sold by consolidated dealers, textiles and surface materials, worktools, architecture and other uncategorized product lines and services, less promotions and incentives on all product categories[2] Represents customer deposits transferred in the divestiture of a consolidated dealer. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | |
Computation of Basic and Diluted Earnings Per Share [Line Items] | ||||
Net income | $ 30.8 | $ 11.4 | $ 59.8 | $ 19.6 |
Impact of participating securities | (1.2) | (0.4) | (2.3) | (0.7) |
Net income used in calculating earnings per share | $ 29.6 | $ 11 | $ 57.5 | $ 18.9 |
Adjustment for participating securities (in millions) | (4.7) | (4.4) | (4.5) | (4.3) |
Basic | $ 0.26 | $ 0.10 | $ 0.50 | $ 0.17 |
Diluted | $ 0.26 | $ 0.10 | $ 0.50 | $ 0.17 |
Including | ||||
Computation of Basic and Diluted Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 118.9 | 117.2 | 118.5 | 117.1 |
Weighted Average Number of Shares Outstanding, Diluted | 119.4 | 117.6 | 119 | 117.4 |
Excluding | ||||
Computation of Basic and Diluted Earnings Per Share [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 114.2 | 112.8 | 114 | 112.8 |
Weighted Average Number of Shares Outstanding, Diluted | 114.7 | 113.2 | 114.5 | 113.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | Aug. 25, 2023 | Feb. 24, 2023 | Aug. 26, 2022 | Feb. 25, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (64.8) | $ (81.3) | $ (64.8) | $ (81.3) | $ (65.9) | $ (72.5) | $ (89.8) | $ (50.6) |
Other comprehensive income (loss) before reclassifications | 1.3 | 8.3 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | (0.6) | ||||||
Other comprehensive income (loss) | 1.1 | 8.5 | 7.7 | (30.7) | ||||
Income tax expense | 9.8 | 5.2 | 20.7 | 7.6 | ||||
Interest Expense | 6.4 | 7.6 | 19.6 | 21.2 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | (0.1) | (0.6) | (0.2) | ||||
Unrealized gain (loss) on investments [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.3 | 0.3 | (0.1) | (0.1) | ||||
Other comprehensive income (loss) before reclassifications | 0.4 | 0.4 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||||||
Other comprehensive income (loss) | 0.4 | 0.4 | ||||||
Pension and other post-retirement liability adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 7.8 | 7.8 | 8 | 9.3 | ||||
Other comprehensive income (loss) before reclassifications | 0.2 | (0.2) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.4) | (1.3) | ||||||
Other comprehensive income (loss) | (0.2) | (1.5) | ||||||
Pension and other post-retirement liability adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.4) | (0.3) | (1.3) | (0.9) | ||||
Income tax expense | 0.1 | 0.1 | 0.4 | 0.3 | ||||
Pension and other post-retirement liability adjustments [Member] | Actuarial losses (gains) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Income | (0.5) | (0.4) | (1.7) | (1.2) | ||||
Derivative Amortization | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5) | (5) | (5.2) | (5.7) | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.7 | ||||||
Other comprehensive income (loss) | 0.2 | 0.7 | ||||||
Derivative Amortization | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 0.2 | 0.7 | 0.7 | ||||
Income tax expense | 0 | (0.1) | (0.2) | (0.3) | ||||
Derivative Amortization | Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest Expense | 0.2 | $ 0.3 | 0.9 | $ 1 | ||||
Foreign currency translation adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (67.9) | (67.9) | $ (68.6) | $ (76) | ||||
Other comprehensive income (loss) before reclassifications | 0.7 | 8.1 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||||||
Other comprehensive income (loss) | $ 0.7 | $ 8.1 |
Fair Value Narrative (Details)
Fair Value Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |||||
Nov. 24, 2023 | Nov. 25, 2022 | Feb. 24, 2023 | Feb. 25, 2022 | [1] | ||
Fair Value Disclosures [Abstract] | ||||||
Debt, Long-term and Short-term, Combined Amount | $ 446.1 | $ 481.2 | ||||
Long-term Debt, Fair Value | 405.4 | 405.9 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Restricted Cash | 7.1 | $ 6.7 | 6.8 | [1] | $ 6.1 | |
Contingent consideration | 0 | (9.5) | ||||
Change in fair value of contingent consideration | (9.5) | $ 0 | ||||
SCS Viccarbe Habitat, S.L. Q3 FY22 | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | 14.2 | |||||
Fair Value, Recurring [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Cash and cash equivalents | 262 | 90.4 | ||||
Restricted Cash | 7.1 | 6.8 | ||||
Assets, Fair Value Disclosure | 273.9 | 101.6 | ||||
Liabilities, Fair Value Disclosure | (0.3) | (9.8) | ||||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Foreign exchange forward contracts | 2.1 | 2.3 | ||||
Foreign exchange forward contracts | (0.3) | (0.3) | ||||
Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Auction rate security | 2.7 | 2.1 | ||||
Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration | 0 | (9.5) | ||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Cash and cash equivalents | 262 | 90.4 | ||||
Restricted Cash | 7.1 | 6.8 | ||||
Assets, Fair Value Disclosure | 269.1 | 97.2 | ||||
Liabilities, Fair Value Disclosure | 0 | 0 | ||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Foreign exchange forward contracts | 0 | 0 | ||||
Foreign exchange forward contracts | 0 | 0 | ||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Auction rate security | 0 | 0 | ||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted Cash | 0 | 0 | ||||
Assets, Fair Value Disclosure | 2.1 | 2.3 | ||||
Liabilities, Fair Value Disclosure | (0.3) | (0.3) | ||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Foreign exchange forward contracts | 2.1 | 2.3 | ||||
Foreign exchange forward contracts | (0.3) | (0.3) | ||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Auction rate security | 0 | 0 | ||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted Cash | 0 | 0 | ||||
Assets, Fair Value Disclosure | 2.7 | 2.1 | ||||
Liabilities, Fair Value Disclosure | 0 | 9.5 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Foreign exchange forward contracts | 0 | 0 | ||||
Foreign exchange forward contracts | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Auction Rate Securities [Member] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Auction rate security | 2.7 | 2.1 | ||||
Unrealized gain on investments | 0.6 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Contingent consideration | 0 | $ (9.5) | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | SCS Viccarbe Habitat, S.L. Q3 FY22 | Fair Value, Disclosure Item Amounts [Domain] | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Change in fair value of contingent consideration | (9.5) | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Contingent Consideration Type [Domain] | SCS Viccarbe Habitat, S.L. Q3 FY22 | Foreign Currency Gain (Loss) | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Change in fair value of contingent consideration | $ 0 | |||||
[1] These amounts include restricted cash of $6.8 and $6.1 as of February 24, 2023 and February 25, 2022, respectively. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Nov. 24, 2023 | Feb. 24, 2023 |
Inventories [Abstract] | ||
Raw materials and work-in-process | $ 176.6 | $ 232.8 |
Finished goods | 113.5 | 118.1 |
Inventory, net of valuation allowances | 290.1 | 350.9 |
LIFO reserve | 30.3 | 31.2 |
Inventory, net of valuation allowances and LIFO reserve | 259.8 | 319.7 |
LIFO Inventory Amount | $ 122.3 | $ 134.1 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 25, 2023 | May 26, 2023 | Nov. 24, 2023 | Nov. 25, 2022 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | |||
Line of Credit Facility, Additional Borrowing Capacity Available | 125 | |||
Borrowings on global committed bank facility | 69 | $ 480.9 | ||
Repayments of Notes Payable | $ 32.2 | $ 2.1 | ||
Line of Credit | United States of America, Dollars | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate Description | the Applicable Floating Rate Margin in effect plus the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, (iii) the Term SOFR Reference Rate for a one-month interest period plus 1.10% or (iv) 0.75%;•the Applicable Term Benchmark/RFR Margin in effect plus (i) for borrowings in U.S. dollars, the Term SOFR Reference Rate plus 0.10%, or (ii) for borrowings in euros, the Adjusted EURIBOR Rate; or•the Applicable Term Benchmark/RFR Margin in effect plus the Daily Simple SOFR Rate plus 0.10%. | |||
Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings on global committed bank facility | $ 1.8 | $ 67.2 | ||
Repayments of Notes Payable | $ 31.8 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | Feb. 24, 2023 | Feb. 25, 2022 | ||
Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 4.5 | $ 4.5 | $ 3.5 | $ 2.3 | |||
Performance and restricted stock units expense | 0.1 | $ (1.3) | 6.3 | $ 2.6 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | (0.3) | $ 1.5 | 0.7 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,375,895 | 2,375,895 | 1,060,231 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.44 | $ 10.44 | $ 13.11 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,315,664 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.30 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.6 | $ 2.6 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||||||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance and restricted stock units expense | 3.3 | 3.4 | $ 15 | 14.6 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0.8 | $ 0.9 | $ 3.7 | $ 3.7 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,725,259 | 4,725,259 | 3,293,268 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.74 | $ 10.74 | $ 12.11 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,767,505 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.31 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (269,934) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 11.65 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (65,580) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 10.48 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12.3 | $ 12.3 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||||||
2024 Performance Unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 767,600 | ||||||
2023 Performance Unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 428,700 | ||||||
2022 Performance unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 448,300 | ||||||
Tranche 1 | 2024 Performance Unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 3.70% | |||||
Expected term | 3 years | ||||||
Estimated volatility (2) | [2] | 44.10% | |||||
Tranche 1 | 2023 Performance Unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 2.60% | |||||
Expected term | 3 years | ||||||
Estimated volatility (2) | [2] | 52.20% | |||||
Tranche 1 | 2022 Performance unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 0.30% | |||||
Expected term | 3 years | ||||||
Estimated volatility (2) | [2] | 53.50% | |||||
Tranche 2 | 2023 Performance Unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 4% | |||||
Expected term | 2 years | ||||||
Estimated volatility (2) | [2] | 37.80% | |||||
Tranche 2 | 2022 Performance unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 2.30% | |||||
Expected term | 2 years | ||||||
Estimated volatility (2) | [2] | 43.80% | |||||
Tranche 3 [Domain] | 2022 Performance unit Award | Performance Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Risk-free interest rate (1) | [1] | 4.70% | |||||
Expected term | 1 year | ||||||
Estimated volatility (2) | [2] | 45.50% | |||||
[1] Based on the U.S. Government bond benchmark on the grant date. |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | Feb. 24, 2023 | ||
Leases [Abstract] | ||||||
Operating lease cost | $ 13.7 | $ 13.2 | $ 40.9 | $ 38.8 | ||
Sublease rental income | (0.5) | (0.6) | (1.5) | (1.7) | ||
Operating Lease, Expense | 13.2 | 12.6 | 39.4 | 37.1 | ||
Operating cash flows used for operating leases | 14.4 | 13.3 | 42.1 | 40.4 | ||
Leased assets obtained in exchange for new operating lease obligations | $ 4.5 | $ 11.7 | $ 12.1 | $ 25.2 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 10 months 24 days | 4 years 10 months 24 days | 5 years 3 months 18 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | 4.50% | 4.20% | |||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 12 | $ 12 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 52.4 | 52.4 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 42.5 | 42.5 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 34.3 | 34.3 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 26.1 | 26.1 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | 41.9 | 41.9 | ||||
Operating Leases, Future Minimum Payments Due | [1] | 209.2 | 209.2 | |||
Operating Lease interest included in future lease payments | 22.1 | 22.1 | ||||
Operating Lease, Liability | $ 187.1 | $ 187.1 | ||||
[1] Lease payments include |
Business Combinations (Details)
Business Combinations (Details) - Halcon Furniture LLC Q2 FY23 $ in Millions | 9 Months Ended |
Nov. 24, 2023 USD ($) | |
Acquisition Details [Line Items] | |
Business Combination, Consideration Transferred | $ 127.5 |
Business Combination, Working Capital Adjustment | 1.9 |
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 2 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 51.8 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 36.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16.7 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 30.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 12.8 |
Finite-lived Intangible Assets Acquired | 51.8 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 1.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5 |
Finite-Lived Intangible Assets, Amortization Expense, Next Five Years | 21.4 |
Deposits [Member] | |
Acquisition Details [Line Items] | |
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $ 24.3 |
Dealer relationships [Member] | |
Acquisition Details [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Finite-lived Intangible Assets Acquired | $ 21.5 |
Trademarks [Member] | |
Acquisition Details [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Finite-lived Intangible Assets Acquired | $ 14 |
Know-How/Design [Member] | |
Acquisition Details [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Finite-lived Intangible Assets Acquired | $ 12 |
Order or Production Backlog | |
Acquisition Details [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 months 12 days |
Finite-lived Intangible Assets Acquired | $ 4.3 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 24, 2023 | Nov. 25, 2022 | Nov. 24, 2023 | Nov. 25, 2022 | Feb. 24, 2023 | |
Reportable Segments [Abstract] | |||||
Segment Reporting, Factors Used to Identify Entity's Reportable Segments | he Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands. | ||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 777.9 | $ 826.9 | $ 2,384.4 | $ 2,430.9 | |
Gross Profit | 252.3 | 237.8 | 770.3 | 680.2 | |
Operating income | 43.8 | 20.5 | 92.1 | 36.8 | |
Total assets | 2,246.9 | 2,246.9 | $ 2,202.8 | ||
Goodwill | 274.9 | 274.9 | 276.8 | ||
Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 586.1 | 619.8 | 1,838.2 | 1,840.6 | |
Gross Profit | 192.8 | 181.2 | 612.3 | 526.2 | |
Operating income | 37.2 | 17.3 | 117 | 44.2 | |
Total assets | 1,663.1 | 1,663.1 | 1,631.2 | ||
Goodwill | 266.2 | 266.2 | 268.3 | ||
International | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 191.8 | 207.1 | 546.2 | 590.3 | |
Gross Profit | 59.5 | 56.6 | 158 | 154 | |
Operating income | 6.6 | $ 3.2 | (24.9) | $ (7.4) | |
Total assets | 583.8 | 583.8 | 571.6 | ||
Goodwill | $ 8.7 | $ 8.7 | $ 8.5 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) | 3 Months Ended | 9 Months Ended | ||||
Nov. 24, 2023 USD ($) | Aug. 25, 2023 USD ($) | May 26, 2023 USD ($) employee | Feb. 24, 2023 USD ($) | Nov. 24, 2023 USD ($) | Nov. 25, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | $ 18,100,000 | $ 15,300,000 | ||||
Workforce Reductions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 14,500,000 | $ 4,000,000 | 14,500,000 | |||
Payments for Restructuring | (7,300,000) | |||||
Workforce Reductions | Restructuring Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 17,800,000 | 17,800,000 | ||||
Americas [Member] | 2023 Restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 25 | |||||
Restructuring and Related Cost, Expected Cost | $ 4,500,000 | |||||
Restructuring costs | 100,000 | $ 100,000 | $ 700,000 | $ 3,600,000 | ||
Americas [Member] | 2024 Restructuring Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 30 | |||||
Restructuring and Related Cost, Expected Cost | 1,000,000 | 1,000,000 | ||||
Restructuring costs | $ 600,000 | |||||
EMEA [Member] | 2024 Restructuring Plan | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | employee | 40 | |||||
EMEA [Member] | 2024 Restructuring Plan | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | employee | 50 | |||||
Asia Pacific | 2024 Restructuring Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | 240 | |||||
International | 2024 Restructuring Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 1,500,000 | $ 7,800,000 | $ 6,800,000 | |||
International | 2024 Restructuring Plan | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 16,000,000 | 16,000,000 | ||||
International | 2024 Restructuring Plan | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 18,000,000 | $ 18,000,000 |